-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CVXNjhEfiX3TEjKAg4qT/+f2x2fZYmj+Pngt1JSreXEPFmYPjTIfG5wIAeDKPhA7
 ywly54UqaXavpr5dIAGnvA==

<SEC-DOCUMENT>0000950152-04-009014.txt : 20041217
<SEC-HEADER>0000950152-04-009014.hdr.sgml : 20041217
<ACCEPTANCE-DATETIME>20041217103704
ACCESSION NUMBER:		0000950152-04-009014
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050125
FILED AS OF DATE:		20041217
DATE AS OF CHANGE:		20041217
EFFECTIVENESS DATE:		20041217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIFCO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000090168
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT ENGINES & ENGINE PARTS [3724]
		IRS NUMBER:				340553950
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05978
		FILM NUMBER:		041210129

	BUSINESS ADDRESS:	
		STREET 1:		970 E 64TH ST
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44103
		BUSINESS PHONE:		2168818600

	MAIL ADDRESS:	
		STREET 1:		970 EAST 64TH STREET
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STEEL IMPROVEMENT & FORGE CO
		DATE OF NAME CHANGE:	19690520
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>l10683adef14a.htm
<DESCRIPTION>SIFCO INDUSTRIES, INC.           DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>SIFCO Industries, Inc.           DEF 14A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B>SCHEDULE 14A</B>
</DIV>

<DIV align="center">
<B>(RULE 14a-101)</B>
</DIV>

<P align="center">
<B>INFORMATION REQUIRED IN PROXY STATEMENT</B>

<DIV align="center">
<B>SCHEDULE 14A INFORMATION</B>
</DIV>

<P align="center">
<B>PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES</B>

<DIV align="center">
<B>EXCHANGE ACT OF 1934</B>
</DIV>

<P align="left">
Filed by the Registrant&nbsp; <FONT face="wingdings">&#254;
</FONT>

<P align="left">
Filed by a Party other than the Registrant&nbsp;
<FONT face="wingdings">&#111;
</FONT>

<P align="left">
Check the appropriate box:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#111;</FONT>
        &nbsp;&nbsp;Preliminary Proxy Statement
        </FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#111;</FONT>
        &nbsp;&nbsp;Confidential, for Use of the Commission Only (as
        permitted by Rule&nbsp;14a-6(e)(2))
        </FONT></TD>
</TR>

<TR>
        <TD align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#254;</FONT>
        &nbsp;&nbsp;Definitive Proxy Statement
        </FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#111;</FONT>
        &nbsp;&nbsp;Definitive Additional Materials
        </FONT></TD>
</TR>

<TR>
        <TD colspan="3" align="left" valign="top">
        <FONT size="2"><FONT face="wingdings">&#111;</FONT>
        &nbsp;&nbsp;Soliciting Material Pursuant to Section 240.14a-11c
        or Section 240.14a-12
        </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="6">
SIFCO Industries, Inc.</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT>
</DIV>

<P align="center">


<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Person(s) Filing Proxy Statement)
</FONT>
</DIV>

<P align="left">
Payment of Filing Fee (Check the appropriate box):
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
</TR>

<TR valign="top">
        <TD><FONT face="wingdings">&#254;</FONT></TD>
        <TD align="left">
        No fee required.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD><FONT face="wingdings">&#111;</FONT></TD>
        <TD align="left">
        Fee computed on table below per Exchange Act
        Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</TD>
        <TD align="left">
        Title of each class of securities to which transaction applies:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</TD>
        <TD align="left">
        Aggregate number of securities to which transaction applies:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</TD>
        <TD align="left">
        Per unit price or other underlying value of transaction computed
        pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on
        which the filing fee is calculated and state how it was
        determined):</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</TD>
        <TD align="left">
        Proposed maximum aggregate value of transaction:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</TD>
        <TD align="left">
        Total fee paid:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
</TR>

<TR valign="top">
        <TD><FONT face="wingdings">&#111;</FONT></TD>
        <TD align="left">
        Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD><FONT face="wingdings">&#111;</FONT></TD>
        <TD align="left">
        Check box if any part of the fee is offset as provided by
        Exchange Act Rule 0-11(a)(2) and identify the filing for which
        the offsetting fee was paid previously. Identify the previous
        filing by registration statement number, or the Form or Schedule
        and the date of its filing.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)</TD>
        <TD align="left">
        Amount Previously Paid:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)</TD>
        <TD align="left">
        Form, Schedule or Registration Statement No.:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</TD>
        <TD align="left">
        Filing Party:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="12%"></TD>
        <TD width="88%"></TD>
</TR>

<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)</TD>
        <TD align="left">
        Date Filed:</TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="87%" align="right" noshade>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> PROXY STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">OUTSTANDING SHARES AND VOTING RIGHTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PROPOSAL TO ELECT SIX (6)&nbsp;DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">STOCK OWNERSHIP OF OFFICERS, DIRECTORS AND NOMINEES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">ORGANIZATION AND COMPENSATION OF THE BOARD OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">REPORT OF THE COMPENSATION COMMITTEE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">PERFORMANCE GRAPH</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">REPORT OF THE AUDIT COMMITTEE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">PRINCIPAL ACCOUNTING FEES AND SERVICES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">PROPOSAL FOR APPROVAL OF DESIGNATION OF AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">SHAREHOLDER PROPOSALS FOR THE 2006 ANNUAL MEETING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">Exhibit&nbsp;A</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">Exhibit&nbsp;B</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<P align="center" style="font-size: 10pt"><B>SIFCO Industries, Inc.</B>



<P align="center" style="font-size: 10pt"><B>970 East 64th Street, Cleveland, Ohio 44103</B>




<P align="center" style="font-size: 10pt"><B>NOTICE OF 2005 ANNUAL MEETING OF SHAREHOLDERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2005 Annual Meeting of Shareholders of SIFCO Industries, Inc. will be
held in the National City Bank meeting rooms A &#038; B (4th floor) of the National
City Center Annex Building, 1900 East 9th Street, Cleveland, Ohio, on January
25, 2005 at 10:30&nbsp;a.m., to consider and vote upon proposals to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Elect six (6)&nbsp;directors for one-year terms expiring at the
2006 Annual Meeting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ratify the designation of Grant Thornton LLP as the
independent auditors of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider and take action upon such other matters as
may properly come before the meeting or any adjournment
thereof.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of record of Common Shares at the close of business on
December&nbsp;3, 2004 will be entitled to receive notice of and vote at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Annual Report for the fiscal year ended September&nbsp;30, 2004
is included with this Notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By order of the Board of Directors.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SIFCO Industries, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">December&nbsp;17, 2004
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Carolyn J. Buller</I>, Secretary</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Kindly fill in, date and sign the enclosed proxy and promptly return it in
the enclosed addressed envelope, which requires no postage if mailed in the
United States. If you are present and vote in person at the meeting, your proxy
will not be used.</B>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIFCO Industries, Inc.</B>



<P align="center" style="font-size: 10pt"><B>970 East 64th Street, Cleveland, Ohio 44103</B><BR>
December&nbsp;17, 2004


<!-- link1 " PROXY STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT</B>



<P align="center" style="font-size: 10pt"><B>General Information</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proxy that accompanies this statement is solicited by the board of
directors of SIFCO Industries, Inc. (the &#147;Company&#148;) for use at the 2005 Annual
Meeting of the Shareholders of the Company to be held January&nbsp;25, 2005, or at
any adjournment thereof. This proxy statement was first mailed on December&nbsp;17,
2004 to shareholders of record on December&nbsp;3, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shareholder giving a proxy for the meeting may revoke it before it is
exercised by giving a later dated proxy or by giving notice of revocation to
the Company in writing before or at the 2005 Annual Meeting. However, the mere
presence at the 2005 Annual Meeting of the shareholder granting a proxy does
not revoke the proxy. Unless revoked by notice as above stated, the shares
represented by valid proxies will be voted on all matters to be acted upon at
the 2005 Annual Meeting. On any matter or matters with respect to which the
proxy contains instructions for voting, such shares will be voted in accordance
with such instructions. Abstentions will be deemed to be present for the
purpose of determining a quorum for the 2005 Annual Meeting, but will be deemed
not voting on the issues or matters as to which abstention is applicable.
Brokers who have not received voting instructions from beneficial owners
generally may vote in their discretion with respect to the election of
directors and the ratification of the auditors. Broker non-votes will not
affect the outcome of any matter for which the 2005 Annual Meeting is called.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost of solicitation of proxies in the form accompanying this
statement will be borne by the Company. Proxies will be solicited by mail or
by telephone or personal interview with an officer or regular employee of the
Company or by requesting brokers and other custodians, nominees and fiduciaries
to forward proxy soliciting material to the beneficial owners of shares held of
record by such brokers, custodians, nominees or fiduciaries, who will be
reimbursed by the Company for their expenses in so doing.

<!-- link1 "OUTSTANDING SHARES AND VOTING RIGHTS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>OUTSTANDING SHARES AND VOTING RIGHTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record date for determining shareholders entitled to vote at the 2005
Annual Meeting is December&nbsp;3, 2004. As of October&nbsp;31, 2004, the outstanding
voting securities of the Company were 5,172,733 Common Shares. Each Common
Share, exclusive of treasury shares, has one vote. The Company held 35,000
Common Shares in its treasury on the record date. The holders of a majority of
the Common Shares of the Company issued and outstanding, present in person or
by proxy, shall constitute a quorum for the purposes of the 2005 Annual
Meeting.


<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below names the persons who are known by the Company to be the
beneficial owners of more than 5% of its outstanding Common Shares as of
October&nbsp;31, 2004, the number of such Common Shares beneficially owned by, or
held in trust for, each such person (including their spouses and children who
live with them, if any) and the percentage of the outstanding Common Shares,
which that number of shares constitutes.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="69%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount and Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>of Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficial Ownership</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Class</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ms.&nbsp;Janice Carlson and Mr.&nbsp;Charles H. Smith, III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,004,074 </TD>
    <TD nowrap>(1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38.74</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trustees, Voting Trust Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">970 E. 64<SUP>th</SUP> Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cleveland, Ohio 44103</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Dimensional Fund Advisors, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">274,965</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.32</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">1299 Ocean Avenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Santa Monica, CA 90401</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of October&nbsp;31, 2004, Janice Carlson and Charles H. Smith, III owned,
as Trustees, 2,004,074 Common Shares of the Company, such Common Shares
having been deposited with them or their predecessors, as Trustees, under
a Voting Trust Agreement entered into as of February&nbsp;1, 1997 and extended
to January&nbsp;31, 2007. The Trustees under the Voting Trust Agreement share
voting control with respect to all such Common Shares, and may be
contacted at the above noted address. Mrs.&nbsp;G. D. Gotschall beneficially
owns 500,472 shares (9.68%) of the Company, which shares are subject to
the Voting Trust Agreement<B>. </B>The Estate of Mr.&nbsp;C. H. Smith, Jr.
beneficially owns 539,836 shares (10.44%) of the Company, which shares are
subject to the Voting Trust Agreement. The executors and beneficiaries of
the estate have, subject to the terms of the Voting Trust Agreement,
voting power and investment power with respect to the shares held by the
estate.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dimensional Fund Advisors Inc. (&#147;Dimensional&#148;), an investment advisor
registered under Section&nbsp;203 of the Investment Advisors Act of 1940,
furnishes investment advice to four investment companies registered under
the Investment Company Act of 1940, and serves as investment manager to
certain other investment vehicles, including commingled group trusts.
(These investment companies and investment vehicles are the &#147;Portfolios.&#148;)
In its role as investment advisor and investment manager, Dimensional
possessed both voting and investment power over 274,965 Common Shares of
SIFCO Industries, Inc. as of October&nbsp;31, 2004. The Portfolios own all
securities reported in this statement, and Dimensional disclaims
beneficial ownership of such securities.</TD>
</TR>

</TABLE>

<!-- link1 "PROPOSAL TO ELECT SIX (6)&nbsp;DIRECTORS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>PROPOSAL TO ELECT SIX (6)&nbsp;DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six (6)&nbsp;directors are to be elected at the annual meeting to hold office
until the next annual meeting of shareholders and until their respective
successors are elected and qualified. It is intended that the accompanying
proxy will be voted in favor of the following persons to serve as directors
unless the shareholder indicates to the contrary on the proxy. The six (6)
nominees receiving the most votes will be elected as directors for 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Company does not contemplate that any of the nominees will be
unavailable for election, if a vacancy in the slate of nominees is occasioned
by death or other unexpected occurrence, it is currently intended that the
remaining directors will, by the vote of a majority of their number, designate
a different nominee for election to the Board at the 2005 Annual Meeting.


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><I>Nominees for election to the board of directors</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Jeffrey P. Gotschall</B>, 56, director of the Company since 1986, Chairman of the
Board since 2001, and Chief Executive Officer of the Company since 1990.
Mr.&nbsp;Gotschall previously served the Company from 1989 to 2002 as
President, from 1986 to 1990 as Chief Operating Officer, from 1986 through
1989 as Executive Vice President and from 1985 through 1989 as President
of SIFCO Turbine Component Services.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Hudson D. Smith</B>, 53, director of the Company since 1988. Mr.&nbsp;Smith has been
Treasurer of the Company since 1983 and Executive Vice President since
September&nbsp;2003. Mr.&nbsp;Smith previously served as President of SIFCO Forge
Group from 1998 through August&nbsp;2003, Vice President and General Manager of
SIFCO Forge Group from 1995 through 1997, General Manager of SIFCO Forge
Group&#146;s Cleveland Operations from 1989 through 1995 and General Sales
Manager of SIFCO Forge Group from 1985 through 1989.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Michael S. Lipscomb</B>, 58, director of the Company since 2002. Mr.&nbsp;Lipscomb has
been Chairman, President and Chief Executive Officer of Argo-Tech
Corporation since 1994. Mr.&nbsp;Lipscomb joined TRW&#146;s corporate staff in 1981
and was appointed Director of Operations for the Power Accessories
Division in 1985. He was named Vice President of Operations when
Argo-Tech was formed in 1986, becoming Executive V.P and Chief Operating
Officer in 1988, President in 1990 and Chairman in 1994. Mr.&nbsp;Lipscomb has
served as a director of Argo-Tech and AT Holdings Corporation since 1990.
He also serves on the board of Ruhlin Construction Company and is a board
member of the Aerospace Industries Association and General Aviation
Manufacturer&#146;s Association.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>P. Charles Miller, Jr.</B>, 66, director of the Company since 2002. Mr.&nbsp;Miller
is the Chairman and CEO of Duramax Marine LLC. Prior to acquiring Duramax
Marine in 1999, he served as President, CEO and director of Duramax, Inc.
since 1982. Mr.&nbsp;Miller continues to serve as a director of Duramax, Inc.,
and serves on the Board of Advisors of Custom Rubber Corporation and the
Atlas Steel Products Company. He also serves on the boards of numerous
not-for-profit organizations.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Alayne L. Reitman, </B>40, director of the Company since 2002. Ms.&nbsp;Reitman
currently serves as a Trustee for the Cleveland Foundation and Hawken
School, where she is also Assistant Treasurer. She previously served from
1999 to 2001 as President of Embedded Planet, a high-tech start-up
company; from 1993 to 1998 as Vice President and Chief Financial Officer
of The Tranzonic Companies, Inc.; and from 1991 to 1993 as Senior
Financial Analyst for American Airlines.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>J. Douglas Whelan</B>, 65, director of the Company since 1995. Mr.&nbsp;Whelan
retired in 1999 from his positions as President, Chief Operating Officer
and director of Wyman-Gordon Company, North Grafton, Massachusetts. He
previously served from 1994 through 1997 as President of Wyman-Gordon
Forgings, Houston, Texas and from 1989 through 1994, as Vice President of
Operations for the Cameron Forged Products Division of Cooper Industries,
Houston, Texas. From 1965 to 1989, Mr.&nbsp;Whelan served in a variety of
executive, technical and management positions with Cameron Iron Works,
Houston, Texas.</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "STOCK OWNERSHIP OF OFFICERS, DIRECTORS AND NOMINEES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>STOCK OWNERSHIP OF OFFICERS, DIRECTORS AND NOMINEES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth as of October&nbsp;31, 2004, the number of
Common Shares of the Company beneficially owned by each director and officer
and all directors and officers as a group, according to information furnished
to the Company by such persons:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount and Nature of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficial Ownership (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent of Class</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Timothy V. Crean (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.11 </TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hudson D. Smith (1)(2)(3)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.76 </TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jeffrey P. Gotschall (1)(2)(3)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.63 </TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Frank A. Cappello (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">J. Douglas Whelan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">P. Charles Miller, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Alayne L. Reitman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Michael S. Lipscomb</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All Directors and Officers as a Group (9 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">537,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.38 </TD>
    <TD nowrap>%</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Common Shares owned are less than one percent of class.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless otherwise stated below, the shares owned are owned of record by
that person who has sole voting and investment power as to those shares. A
portion of the total number of shares for the following persons and group
represents shares which could be acquired within 60&nbsp;days (February&nbsp;15,
2005) of the date of this Proxy Statement by exercise of stock options:
Mr.&nbsp;T. V. Crean, 138,750 shares; Mr.&nbsp;J. P. Gotschall, 7,500 shares; Mr.&nbsp;H.
D. Smith, 7,500 shares; Mr.&nbsp;F. A. Cappello, 22,500 shares; and all
directors and officers as a group, 185,000 shares.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes in the cases of Mr.&nbsp;J. P. Gotschall and Mr.&nbsp;H. D. Smith shares
owned by their spouses and any minor children or in trust for them, their
spouses and their lineal descendants.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes Voting Trust Certificates issued by the aforementioned (see page
2) Voting Trust representing an equivalent number of Common Shares held by
such Trust as follows: Mr.&nbsp;J. P. Gotschall &#151; 128,600; and Mr.&nbsp;H. D. Smith
&#151; 133,823.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mr.&nbsp;J. P. Gotschall and Mr.&nbsp;H. D. Smith are cousins.</TD>
</TR>

</TABLE>

<!-- link1 "SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16 (a)&nbsp;of the Securities and Exchange Commission Act of 1934
requires the Company&#146;s officers and directors, and persons who own more than
ten (10)&nbsp;percent of a registered class of Company&#146;s equity securities, to file
reports of ownership and changes in ownership with the Securities and Exchange
Commission. Officers, directors and greater than ten (10)&nbsp;percent shareholders
are required by SEC regulation to furnish the Company with copies of all
Section&nbsp;16 (a)&nbsp;forms they file.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely upon a review of Forms 3, 4 and 5 furnished to the Company
during, or with respect to, 2004, no director, officer, beneficial owner of
more than ten (10)&nbsp;percent of its outstanding common stock or any other person
subject to Section&nbsp;16 (a)&nbsp;of the Exchange Act failed to file on a timely basis


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">during 2004 any reports required by 16 (a)&nbsp;of the Exchange Act, except
that two (2)&nbsp;officers made single late filings with respect to stock option
awards granted in fiscal 2004.

<!-- link1 "ORGANIZATION AND COMPENSATION OF THE BOARD OF DIRECTORS" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>ORGANIZATION AND COMPENSATION OF THE BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Board of Directors held four (4)&nbsp;regularly scheduled
meetings during the last fiscal year. The Board of Directors&#146; standing
committees are the Audit, Compensation, and Governance Committees. During
fiscal 2004 each director attended at least 75% of the total number of meetings
of the Board and the Committees on which he or she served. SIFCO&#146;s independent
directors meet at each regularly scheduled board meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The functions of the Audit Committee are to select, subject to shareholder
ratification, the Company&#146;s independent auditor; to approve all non-audit
related services performed by the Company&#146;s independent auditor; to determine
the scope of the audit; to discuss any special problems that may arise during
the course of the audit; and to review the audit and its findings for the
purpose of reporting to the board of directors. The members of the Audit
Committee are all independent directors as defined in Section&nbsp;121A of The AMEX
Listing Standards, Policies and Requirements. Each member of the Audit
committee is financially literate with at least one experienced in finance and
accounting. The Audit Committee, currently composed of M. S. Lipscomb
(Chairperson), A. L. Reitman, P. C. Miller, Jr. and J. D. Whelan, held three
(3)&nbsp;meetings during the last fiscal year. A copy of the Audit Committee Charter
that was filed with the Securities and Exchange Commission on December&nbsp;13, 2002
and was amended in July&nbsp;2004 is attached to this Proxy Statement as Exhibit&nbsp;A.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The function of the Compensation Committee is to review and recommend the
compensation of directors and officers of the Company, including the granting
of stock options and the number of shares that should be subject to each option
so granted. The Compensation Committee, currently composed of J. D. Whelan
(Chairperson), M. S. Lipscomb, A. L. Reitman and P. C. Miller, Jr., held three
(3)&nbsp;meetings during the last fiscal year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The function of the Governance Committee is to recommend candidates for
the board of directors and address issues relating to senior management
performance and succession, and to the composition and procedures of the board.
The Governance Committee is currently composed of M. S. Lipscomb, A. L.
Reitman, J. D. Whelan and P. C. Miller, Jr. The members of the Governance
Committee are all independent directors as defined in Section&nbsp;121A of the AMEX
Listing Standards, Policies and Requirements. The Governance Committee did not
hold any formal meetings during the last fiscal year; however, its function was
fulfilled during sessions of the full board of directors. The Committee&#146;s
charter is attached hereto as Exhibit&nbsp;B. In its role as the nominating body for
the Board, the Governance Committee reviews the credentials of potential
director candidates (including potential candidates recommended by
shareholders), conducts interviews and makes formal recommendations to the
Board for the annual and any interim election of directors. In making its
recommendations, the Governance Committee considers a variety of factors,
including skills, independence, background, experience, diversity and
compatibility with existing board members. Other than the foregoing, there are
no stated minimum criteria for director nominees, although the Governance
Committee may also consider such other factors, as it deems appropriate in the
best interests of the Company and its shareholders.


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Governance Committee will consider shareholder nominations for
directors at any time. Any shareholder desiring to have a nominee considered by
the Governance Committee should submit such recommendation in writing to a
member of the Governance Committee or the Secretary of the Company, c/o SIFCO
Industries, Inc., 960 East 64th Street, Cleveland, OH 44103. The recommendation
letter should include the shareholder&#146;s own name, address and the number of
shares owned and the candidate&#146;s name, age, business address, residence
address, and principal occupation, as well as the number of shares the
candidate owns. The letter should provide all of the information that would
need to be disclosed in the solicitation of proxies for the election of
directors under Federal securities laws. Finally, the shareholder should also
submit the recommended candidate&#146;s written consent to be elected and commitment
to serve if elected. SIFCO may also require a candidate to furnish additional
information regarding his or her eligibility and qualifications.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fiscal 2004, each director (other than directors who are employed by
the Company) received an annual retainer fee of $12,000 and an attendance fee
of $1,000 per Board meeting, $1,000 per Committee meeting for meetings held on
a day other than the day of a Board meeting and $500 per Committee meeting for
meetings held on the day of a Board meeting. Committee chairpersons received an
additional $2,000 annual retainer for such service.


<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the annual and long-term compensation
received for each of the three previous fiscal years by the Company&#146;s Chief
Executive Officer and three other executive officers of the Company:


<P align="center" style="font-size: 10pt">Summary Compensation Table


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Long Term</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Compensation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Compensation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Restricted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name &#038;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Principal Position</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($) (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($) (2)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jeffrey P. Gotschall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Chairman &#038; CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,460</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,120</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Timothy V. Crean</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">President &#038; COO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hudson D. Smith,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,875</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Executive
Vice President &#038; Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,410</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,320</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Frank A. Cappello</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,967</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Vice President &#038; CFO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,298</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,680</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All restricted shares are valued by multiplying the number of shares granted by the closing price on the grant date, minus any
consideration paid by the named executive. On July&nbsp;30, 2002 the Company
granted named executive 50,000 restricted shares, on which date the
Company&#146;s common shares closed at $4.05 per share. No monetary
consideration will be contributed by officer for the restricted shares.
The restricted shares have a vesting rate of 25% per year beginning on
the first anniversary date of the grant. The market value of the 50,000
restricted shares at September&nbsp;30, 2004 was $167,500 based on the
closing price for Company&#146;s common shares of $3.35. Restricted shares
shall be entitled to receive dividends.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents amounts contributed by the Company as matching
contributions with respect to U.S. employees pursuant to the SIFCO
Industries, Inc. Employees&#146; Thrift Plan, a defined contribution plan.
Under the Plan, as amended April&nbsp;1, 2003, the Company matches 50% of
the first 10% of participating employee compensation contributed to the
Plan. Employees become vested in those amounts contributed by the
Company at varying percentages prior to achieving three full years of
service, at which time they become 100% vested.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><B>Option Grants</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each individual named in the Summary Compensation Table, set forth
below is information on grants of stock options, pursuant to the Company&#146;s 1998
Long-Term Incentive Plan, during the fiscal year ended September&nbsp;30, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Potential Realizable</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value at Assumed</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Annual Rates of Stock</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Price Appreciation for</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="17"><B>Individual Grants</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Option Term</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>% of Total Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>SARS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>or Base</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Employees in Fiscal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>#</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($/Share)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Date</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>5% ($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>10% ($)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jeffrey P. Gotschall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Timothy V. Crean</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Frank A. Cappello</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11/4/2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55,781</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hudson D. Smith</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B>Option Exercises and Fiscal Year-End Values</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each individual named in the Summary Compensation Table, set forth
below is information relating to such person&#146;s exercise of stock options during
the fiscal year ended September&nbsp;30, 2004 and ownership of unexercised stock
options at September&nbsp;30, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Value of Unexercised in</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Underlying Unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>the Money Options at</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share<BR>Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Options at Year-End</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Fiscal Year-End</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Realized</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Jeffrey P. Gotschall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Timothy V. Crean</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Frank A. Cappello</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hudson D. Smith</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0-</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Defined Benefit Pension Plans</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts stated in the foregoing Summary Compensation Table do not
include amounts paid by the Company for purposes of funding the Company&#146;s
non-contributory pension plan. Mr.&nbsp;J. P. Gotschall, Mr.&nbsp;F. A. Cappello, and Mr.
H. D. Smith participate on the same basis as other salaried employees in a
qualified, non-contributory pension plan known as SIFCO Industries, Inc.
Salaried Retirement Plan (the &#147;Retirement Plan&#148;). Mr.&nbsp;T. V. Crean participates
in the SIFCO Turbine Components Limited Pension Plan (the &#147;STCL Plan&#148;), which
is described later in this section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Summary Compensation Table on page 7 includes both base salary and
incentive compensation. Benefits payable under the Retirement Plan are
calculated using only base salary. Under the terms of the Retirement Plan, as
amended March&nbsp;1, 2003 to cease the accrual of future retirement benefits as of
that date, the amount of normal annual retirement benefit payable to a
participating employee is generally based upon (i)&nbsp;years of service with the
Company prior to normal retirement date but limited to service through March&nbsp;1,
2003, (ii) &#147;final average earnings&#148; (average base salary during the 60
consecutive month period, within the 120&nbsp;month period preceding March&nbsp;1, 2003,
during which the total amount of base salary was the highest), and (iii)
average Social Security covered compensation. For an employee retiring with 25
years of service or less as of March&nbsp;1, 2003, the benefit is equal to 2.144% of
final average earnings minus .625% of average Social Security covered
compensation multiplied by years of service up to 25&nbsp;years. If an employee has
more than 25&nbsp;years of service as of March&nbsp;1, 2003, the benefit is increased by
1.25% of final average earnings multiplied by his years of service in excess of
25&nbsp;years. The amount so determined is payable in the form of a single life
annuity or a lump sum payment. Under the Internal Revenue Code, the maximum
annual benefit payable under the Retirement Plan to covered employees is
limited to $165,000 per year for 2004. In addition, the maximum amount of final
average earnings used to compute benefits under the Retirement Plan is limited
by the Internal Revenue Code. Therefore, in response to such limitations, the
Company established a non-qualified Supplemental Executive Retirement Plan
(&#147;SERP&#148;) to provide covered employees with a benefit amount equal to what they
would have been entitled to receive under the Retirement Plan, as of March&nbsp;1,
2003, if no such limitations existed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated annual retirement benefit under the combined plans for each
participant is based upon the base salary at March&nbsp;1, 2003, the date on which
benefits under the Retirement Plan and SERP ceased to accrue for all
participants. The following table shows estimated combined annual benefits
payable upon retirement under the Retirement Plan and the SERP:


<P align="center" style="font-size: 10pt">Years of Service


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD nowrap align="center" colspan="3"><B>Remuneration</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>15</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>20</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>25</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>30</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>35</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>40</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>45</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right">$</TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">50,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,137</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px">75,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,787</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">100,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,437</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">150,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,737</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">200,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,037</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">250,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,337</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">300,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,637</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payments by the Company to fund the benefits under the Retirement Plan
and SERP are actuarially determined. The estimated annual benefits payable
upon retirement and projected years of credited service through March&nbsp;1, 2003,
the date on which benefits under the Plan ceased to accrue for all
participants, are as follows: Mr.&nbsp;J. P. Gotschall &#151; $132,598 (29.7&nbsp;years); Mr.
F. A. Cappello &#151; $7,755 (3.1&nbsp;years); and Mr.&nbsp;H. D. Smith &#151; $53,399 (28.9
years). Total pension expense related to the Retirement Plan and SERP for
fiscal year 2004 was $109,334.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;T. V. Crean participates in the STCL Plan. This is a contributory
plan for employees of the Company&#146;s Irish subsidiary, SIFCO Turbine Components
Limited (&#147;STCL&#148;). Under the STCL Plan, the employee and STCL each pay 50% of
retirement benefits. Other costs such as life insurance are borne by STCL.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the STCL Plan, the amount of normal annual retirement
benefits payable to a participating employee is generally based upon years of
service with STCL prior to normal retirement date, &#147;final pensionable salary&#148;
(average basic salary during the period of 36 consecutive months preceding
retirement) and average government pension. The benefit is
1/60<SUP>th</SUP> of final
pensionable salary for each year of service, subject to a maximum of 40&nbsp;years,
minus 1&#189; times the single person&#146;s annual rate of government retirement
pension. Years of service for senior managers who will have completed at least
ten years service may be augmented. The additional cost is paid by STCL.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payments by STCL and employees to fund the benefits under the STCL
Plan are actuarially determined. The current dollar value of estimated annual
benefits payable (in Euros) upon retirement and projected years of credited
service to retirement for Mr.&nbsp;T. V. Crean is $163,517 (40&nbsp;years). Total pension
expense for the Retirement Plan for fiscal year 2004 was $413,474.


<P align="left" style="font-size: 10pt"><B>Change in Control Agreements</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2000 and 2002, the Company entered into agreements with
certain key executives of the Company in order to protect the Company and such
key executives in the event of a change in control of the Company. The purpose
of these agreements is to reinforce and encourage the continued attention and
dedication of these executives to their assigned duties without distraction in
the face of (i)&nbsp;solicitations by other employers and (ii)&nbsp;the potentially
disturbing circumstances arising from the possibility of a change in control of
the Company. To that end, the Change in Control Agreements obligate the Company
to provide certain severance benefits, described below, to any of these
officers whose employment is terminated under certain circumstances. Such
benefits for Mr.&nbsp;J. P. Gotschall, Mr.&nbsp;T. V. Crean, Mr.&nbsp;H. D. Smith and Mr.&nbsp;F.
A. Cappello include a payment equal to a maximum of 200% of the employee&#146;s
annual compensation, continuation of insurance coverage for up to 24&nbsp;months
following termination, and accelerated vesting of existing stock options and
certain retirement benefits.


<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "REPORT OF THE COMPENSATION COMMITTEE" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>REPORT OF THE COMPENSATION COMMITTEE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s compensation of its executive personnel has three
components: base salary, cash incentive compensation and stock-based
compensation (stock options and restricted shares).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on a consideration of CEO salaries in manufacturing companies of
comparable size, and in view of uncertainty in the aerospace industry and the
Company&#146;s recent performance relative to such uncertainty, Mr.&nbsp;Gotschall&#146;s
annual salary was adjusted to $180,000 in July&nbsp;2003, which reflected a
temporary reduction of $60,000 in his annual salary. Mr.&nbsp;Gotschall received a
cash incentive of $11,000 for fiscal 2004 for achieving certain defined asset
realignment objectives.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has incentive plans for each business unit and for the
corporate headquarters staff. In general, certain members of the business
units share in compensation pools equal to 10% of the unit&#146;s operating profits,
subject to certain adjustments and members of the corporate staff may earn
incentives from a pool equal to up to 10% of profits before tax, subject to
certain adjustments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004, options on 67,000 shares were awarded to participants
in the Company&#146;s 1998 Long-Term Incentive Plan, including awards of 10,000
shares to Mr.&nbsp;F. A. Cappello.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I><U>Compensation Committee</U></I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>J. Douglas Whelan, Chairperson</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Michael S. Lipscomb</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>P. Charles Miller, Jr.</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Alayne L. Reitman</I></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "PERFORMANCE GRAPH" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>PERFORMANCE GRAPH</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a graph comparing the price performance of the
Company&#146;s Common Shares to the price performance of the S&#038;P Composite &#150; 500
Stock Index and the S&#038;P Aerospace/Defense Group. The graph assumes that the
value of the investment in the Common Shares, the S&#038;P Composite &#150; 500 Stock
Index and the S&#038;P Aerospace/Defense Group was $100 on September&nbsp;30, 1999.


<P align="center" style="font-size: 10pt"><B>COMPARISON OF FIVE-YEAR RETURN PERFORMANCE OF<BR>
SIFCO INDUSTRIES, INC., S&#038;P 500 INDEX<BR>
AND S&#038;P AEROSPACE/DEFENSE GROUP</B>



<P align="center" style="font-size: 10pt"><IMG src="l10683al1068300.gif" alt="(PERFORMANCE GRAPH)">



<P align="center" style="font-size: 10pt">12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "REPORT OF THE AUDIT COMMITTEE" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="left" style="font-size: 10pt"><B>REPORT OF THE AUDIT COMMITTEE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee reviewed and discussed the audited financial
statements of the Company, for the fiscal year ended September&nbsp;30, 2004, with
the Company&#146;s management and with the Company&#146;s independent certified public
accountants, Grant Thornton LLP. The Audit Committee also discussed with Grant
Thornton LLP the matters required to be discussed by Statement of Auditing
Standards No.&nbsp;61 (Communication with Audit Committees).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee received the written disclosures and the letter from
Grant Thornton LLP required by Independence Standards Board Standard No.&nbsp;1
certifying the firm&#146;s independence and the Audit Committee discussed the
independence of Grant Thornton LLP with that firm.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective May&nbsp;2000, and as amended in July&nbsp;2004, the Audit Committee and
the Board of Directors of the Company adopted a written charter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the Audit Committee&#146;s review and discussion noted above, the
Audit Committee recommended to the board of directors that the Company&#146;s
audited financial statements be included in the Company&#146;s Annual Report on Form
10-K for the fiscal year ended September&nbsp;30, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I><U>Audit Committee</U></I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Michael S. Lipscomb</I>, <I>Chairperson</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>P. Charles Miller, Jr.</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Alayne L. Reitman</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>J. Douglas Whelan</I></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link1 "PRINCIPAL ACCOUNTING FEES AND SERVICES" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 10pt"><B>PRINCIPAL ACCOUNTING FEES AND SERVICES</B>



<P align="left" style="font-size: 10pt"><B>Audit Fees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid or payable to Grant Thornton LLP for the audits of the annual
financial statements included in the Company&#146;s Forms 10-K and for the reviews
of the financial statements included in the Company&#146;s Forms 10-Q for the years
ended September&nbsp;30, 2004 and 2003 were $150,000 in each year. The Audit
Committee has sole responsibility for determining whether and under what
circumstances SIFCO&#146;s independent auditors may be engaged to perform
audit-related services and must pre-approve any non-audit related service
performed by the independent auditors.



<P align="left" style="font-size: 10pt"><B>Audit-related Fees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no such fees paid during 2004 or 2003 to Grant Thornton LLP,
for products or services other than the professional services described above.


<P align="center" style="font-size: 10pt">13
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Tax Fees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no such fees paid during 2004 or 2003 to Grant Thornton LLP for
professional services other than those described above.


<P align="left" style="font-size: 10pt"><B>All Other Fees</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no such fees paid during 2004 or 2003 to Grant Thornton LLP,
for products or services other than professional services described above.

<!-- link1 "PROPOSAL FOR APPROVAL OF DESIGNATION OF AUDITORS" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="left" style="font-size: 10pt"><B>PROPOSAL FOR APPROVAL OF DESIGNATION OF AUDITORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounting firm of Grant Thornton LLP has been the Company&#146;s
independent certified public accountants and auditors since July&nbsp;2002. The
board of directors has chosen that firm to audit the accounts of the Company
and its consolidated subsidiaries for the fiscal year ending September&nbsp;30,
2005, subject to the ratification of the shareholders for which the affirmative
vote of a majority of the Common Shares present and voting at the 2005 Annual
Meeting (in person or by proxy) is required. Grant Thornton LLP has advised
the Company that neither the firm nor any of its members or associates has any
direct or indirect financial interest in the Company or any of its affiliates
other than as auditors. The board of directors recommends ratification of the
selection of Grant Thornton LLP as independent auditors of the Company for the
year ending September&nbsp;30, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Grant Thornton LLP are expected to be present at the
2005 Annual Meeting with the opportunity to make a statement if they desire to
do so and to be available to respond to appropriate questions.

<!-- link1 "SHAREHOLDER PROPOSALS FOR THE 2006 ANNUAL MEETING" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="left" style="font-size: 10pt"><B>SHAREHOLDER PROPOSALS FOR THE 2006 ANNUAL MEETING</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder who intends to present a proposal at the 2006 Annual
Meeting, and who wishes to have the proposal included in the Company&#146;s proxy
statement and form of proxy for that meeting, must deliver the proposal to the
Company no later than August&nbsp;19, 2005. Any shareholder proposal submitted
other than for inclusion in the Company&#146;s proxy materials for the 2006 Annual
Meeting must be delivered to the Company no later than November&nbsp;2, 2005 or such
proposal will be considered untimely. If a shareholder proposal is received
after November&nbsp;2, 2005, the Company may vote, in its discretion as to the
proposal, all of the Common Shares for which it has received proxies for the
2006 Annual Meeting.

<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="left" style="font-size: 10pt"><B>OTHER MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management does not know of any other matters that will come before
the meeting. In case


<P align="center" style="font-size: 10pt">14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">any other matter should properly come before the meeting, it is the
intention of the persons named in the enclosed proxy to vote in accordance with
their best judgment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By order of the Board of Directors.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SIFCO Industries, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Carolyn J. Buller</I>, Secretary</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">December&nbsp;17, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">15
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "Exhibit&nbsp;A" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;A</B>



<P align="center" style="font-size: 10pt"><B>SIFCO Industries, Inc<BR>
Audit Committee Charter<BR>
As Amended JULY 27, 2004</B>



<P align="left" style="font-size: 10pt"><B>A. STATEMENT OF POLICY</B>



<P align="left" style="font-size: 10pt">The Audit Committee shall provide assistance to the Board of Directors in
fulfilling its oversight responsibilities to the Company, its stockholders,
potential stockholders, the investment community, and others by reviewing the
financial reports and related financial information provided by the Company to
governmental agencies or the general public, the Company&#146;s system of internal
controls and the effectiveness of its control structure, the Company&#146;s
compliance with designated laws and regulations, and the Company&#146;s accounting,
internal and external auditing and financial reporting processes. The
independent auditors will be ultimately accountable to this Committee and the
full Board of Directors.



<P align="left" style="font-size: 10pt"><B>B. ORGANIZATION</B>



<P align="left" style="font-size: 10pt">The members of the Audit Committee shall be appointed by the Board of Directors
and may be removed only by the Board of Directors. The Audit Committee will
have a minimum of three members and shall meet at least four times per year on
a quarterly basis. The Audit Committee may consult or retain its own outside
legal, accounting or other advisors and shall determine the degree of
independence from the Company required from said advisors. The Company will
provide the funding for the independent auditors, any advisors retained by the
Audit Committee and any other administrative expenses incurred by the Audit
Committee in connection with the performance of its duties.



<P align="left" style="font-size: 10pt"><B>C. QUALIFICATIONS</B>



<P align="left" style="font-size: 10pt">The Audit Committee shall be composed entirely of independent directors,
determined in accordance with the Company&#146;s Corporate Governance Guidelines and
with Rule&nbsp;10A-3 of the Securities Exchange Act of 1934. The members of the
Audit Committee, as determined by the Board of Directors, shall all be
&#147;financially literate,&#148; and at least one member shall be &#147;financially
sophisticated,&#148; in accordance with the requirements of the American Stock
Exchange.



<P align="left" style="font-size: 10pt"><B>D. POWERS, DUTIES AND
RESPONSIBILITIES</B>



<P align="left" style="font-size: 10pt">The Audit Committee will:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appoint, subject to shareholder approval, compensate, oversee, evaluate and, if necessary, replace the independent
auditors.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss with the independent auditors the scope and thoroughness of their examinations, including discussion and
resolution of any significant disagreements with management, and review and approve the costs associated therewith.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">16
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with the independent auditors and with management the quarterly financial statements (10-Q) prepared
in accordance with accounting principles generally accepted in the U.S. prior to their submission to the SEC or
release.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with the independent auditors and with management the audited annual financial statements prepared
in accordance with accounting principles generally accepted in the U.S. prior to their SEC submission or release.
Included in such discussion will be specific consideration of the quality of the company&#146;s internal accounting and
financial disclosure controls and procedures and accounting principles applied to its financial reporting, and the
propriety and/or adequacy of any significant changes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with the full Board of Directors the results of the independent auditors&#146; examination, as well as the Audit
Committee&#146;s evaluation thereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management any financial information and earnings guidance provided to shareholders, analyst,
and rating agencies.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management practices with respect to risk assessment and risk management.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure that the independent auditors state annually, in writing, any other relationships that they have with the
Company; and determine if any such relationship might interfere with the auditors&#146; independence. Additionally, the
Committee will obtain and review a report of the independent auditor describing its internal quality-control procedures
or material issues, if any, raised by the most recent internal/peer quality-control review of the independent auditor
and any steps or procedures taken to deal with any such issues.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and pre-approve any non-audit services the independent auditor may perform for the company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish internal procedures within the Company for the (i)&nbsp;receipt, retention and treatment of complaints received by
the Company regarding accounting, internal accounting controls or auditing matters; (ii)&nbsp;the confidential, anonymous
submission by employees of the Company of concerns regarding questionable accounting or auditing matters; and (iii)
review with counsel to the Company any issues of potential fraud or illegal conduct.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and oversee any related party transactions.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At least annually, review this charter and evaluate the Committee&#146;s performance and function as well as the competence
of the company&#146;s financial management.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">17
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
<!-- link1 "Exhibit&nbsp;B" -->
<DIV align="left"><A NAME="015"></A></DIV>

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;B</B>



<P align="center" style="font-size: 10pt"><B>SIFCO Industries, Inc.<BR>
Nominating and Governance Committee Charter<BR>
Adopted July&nbsp;27, 2004</B>



<P align="left" style="font-size: 10pt"><B>A. STATEMENT OF POLICY</B>



<P align="left" style="font-size: 10pt">The Nominating and Governance Committee shall provide assistance to the Board
of Directors of the Company in fulfilling the Board&#146;s responsibilities for
director nominations and committee appointments, and developing a set of
corporate governance principles applicable to the Company corporate governance.



<P align="left" style="font-size: 10pt"><B>B. ORGANIZATION</B>



<P align="left" style="font-size: 10pt">The members of the Nominating and Governance Committee shall be appointed by
the Board of Directors and may be removed only by the Board. The Committee has
the sole authority to retain and terminate any consulting or search firm to be
used to assist in discharging their duties, including the sole authority to
approve the advisor&#146;s fees and other retention terms. Half of the members of
the Committee shall be a quorum to transact business.



<P align="left" style="font-size: 10pt"><B>C. QUALIFICATIONS</B>



<P align="left" style="font-size: 10pt">The Committee shall be composed entirely of independent directors.



<P align="left" style="font-size: 10pt"><B>D. POWERS, DUTIES AND RESPONSIBILITIES</B>



<P align="left" style="font-size: 10pt">In discharging its responsibilities, the Committee shall:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Seek individuals qualified to become members of the Board consistent with criteria approved by the Board;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recommend candidates for election by the Board to fill vacancies on the Board or on any committee of the Board;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recommend to the Board director nominees for approval by stockholders at an annual meeting of stockholders or special
meeting of stockholders;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Amended and Restated By-Laws of the Company, recommend to the Board the number of directors that shall
constitute the whole Board;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Recommend to the Board corporate governance principles for the Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider and advise the Board on other matters relating to the affairs or governance of the Board;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">18
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annually review and update this charter for consideration by the Board;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish a procedure for the submission and review of shareholder nominations; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annually evaluate the performance and function of the Committee.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">19
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">

</DIV>

<DIV align="center">

</DIV>

<DIV align="center">
<FONT size="2">DETACH CARD
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">--------------------------------------------------------------------------
</FONT>
</DIV>

<P align="center">
<B>SIFCO Industries, Inc.</B>

<P align="center">
<B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS</B>

<P align="left">
<FONT size="2">The undersigned hereby appoints JEFFREY P.
GOTSCHALL and HUDSON D. SMITH, and each of them, the proxies of
the undersigned to vote the shares of the undersigned at the
Annual Meeting of the Shareholders of SIFCO Industries, Inc., to
be held on January&nbsp;25, 2005, and at any and all
adjournments thereof, upon proposals to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">ELECT SIX (6)&nbsp;DIRECTORS. To elect the
    following persons for one-year terms expiring at the 2006 Annual
    Meeting:
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jeffrey P. Gotschall
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">Michael S. Lipscomb
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">P. Charles Miller, Jr.
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Alayne L. Reitman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">Hudson D. Smith
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">J. Douglas Whelan
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="45%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;FOR all
    nominees listed above
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;WITHHOLD
    AUTHORITY
    </FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(except as noted below)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">To vote for all nominees
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<I><FONT size="2">(INSTRUCTIONS: If you wish to withhold
authority to vote for any individual nominee, write that
nominee&#146;s name in the space below.)</FONT></I>

<P align="left">
<HR size="1" width="100%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">RATIFY THE DESIGNATION OF GRANT THORNTON LLP as
    independent auditors of the Company.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT face="wingdings">&#111;</FONT><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="wingdings">&#111;</FONT><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="wingdings">&#111;</FONT><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;ABSTAIN
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Consider and take action upon such other matters
    as may properly come before the meeting or any adjournment
    thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT face="wingdings">&#111;</FONT><FONT size="2">&nbsp;&nbsp;GRANT
AUTHORITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="wingdings">&#111;</FONT><FONT size="2">&nbsp;&nbsp;WITHHOLD
AUTHORITY
</FONT>

<DIV align="right">
<I><FONT size="2">(Continued on other side)</FONT></I>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">

</DIV>

<DIV align="center">

</DIV>

<DIV align="center">
<FONT size="2">DETACH CARD
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">--------------------------------------------------------------------------
</FONT>
</DIV>

<P align="center">
<I><FONT size="2">(Proxy&#151;continued from the other
side)</FONT></I>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><FONT size="2">Proxy No.</FONT></TD>
    <TD align="right"><FONT size="2">Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">IF NO INSTRUCTION IS INDICATED, THIS PROXY
WILL BE VOTED FOR THE ELECTION OF THE NOMINEES FOR DIRECTORS,
FOR THE PROPOSAL TO RATIFY THE DESIGNATION OF INDEPENDENT
AUDITORS AND, IN THE DISCRETION OF THE PROXIES, ON SUCH OTHER
BUSINESS AS MAY COME BEFORE THE MEETING OR ANY
ADJOURNMENT.</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="66%"></TD>
    <TD width="34%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Dated:&nbsp;<HR size="1" align="left" noshade>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">NOTE: The signature of this proxy should
    correspond with the name (or names), as shown hereon, in which
    your stock is registered. Where stock is registered jointly in
    the name of two or more persons, all should sign.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>l10683al1068300.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 l10683al1068300.gif
M1TE&.#EAD`+``?<``````(````"``("`````@(``@`"`@,#`P,#<P*;*\`0$
M!`@("`P,#!$1$186%AP<'"(B(BDI*55554U-34)"0CDY.?]\@/]04-8`D\SL
M_^_6QN?GUJVID#,``&8``)D``,P````S`#,S`&8S`)DS`,PS`/\S``!F`#-F
M`&9F`)EF`,QF`/]F``"9`#.9`&:9`)F9`,R9`/^9``#,`#/,`&;,`)G,`,S,
M`/_,`&;_`)G_`,S_````,S,`,V8`,YD`,\P`,_\`,P`S,S,S,V8S,YDS,\PS
M,_\S,P!F,S-F,V9F,YEF,\QF,_]F,P"9,S.9,V:9,YF9,\R9,_^9,P#,,S/,
M,V;,,YG,,\S,,__,,S/_,V;_,YG_,\S_,___,P``9C,`9F8`9ID`9LP`9O\`
M9@`S9C,S9F8S9IDS9LPS9O\S9@!F9C-F9F9F9IEF9LQF9@"99C.99F:99IF9
M9LR99O^99@#,9C/,9IG,9LS,9O_,9@#_9C/_9IG_9LS_9O\`S,P`_P"9F9DS
MF9D`F<P`F0``F3,SF68`F<PSF?\`F0!FF3-FF68SF9EFF<QFF?\SF3.9F6:9
MF9F9F<R9F?^9F0#,F3/,F6;,9IG,F<S,F?_,F0#_F3/_F6;,F9G_F<S_F?__
MF0``S#,`F68`S)D`S,P`S``SF3,SS&8SS)DSS,PSS/\SS`!FS#-FS&9FF9EF
MS,QFS/]FF0"9S#.9S&:9S)F9S,R9S/^9S`#,S#/,S&;,S)G,S,S,S/_,S`#_
MS#/_S&;_F9G_S,S_S/__S#,`S&8`_YD`_P`SS#,S_V8S_YDS_\PS__\S_P!F
M_S-F_V9FS)EF_\QF__]FS`"9_S.9_V:9_YF9_\R9__^9_P#,_S/,_V;,_YG,
M_\S,___,_S/__V;_S)G__\S___]F9F;_9O__9F9F__]F_V;__Z4`(5]?7W=W
M=X:&AI:6ELO+R[*RLM?7U]W=W>/CX^KJZO'Q\?CX^/_[\*"@I("`@/\```#_
M`/__````__\`_P#______RP`````D`+``0`(_@#_"1Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:MS(L:/'CR!#BAQ)LJ3)DRA3JES)LJ7+ES!CRIQ)LZ;-
MFSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU!;*IA*M:K5JUBS:MW*M:O7
MKV##BAU+MJS9LVC3JEW+MJW;MW#CRIU+-ZQ"!5'SZMW+MZ]?G'@3!OY+N+#A
MPX@3%QQ\D+'BQY`C2YY\T_%BRI@S:][,^:)E@I\[BQY-NO3AT`)1FU[-NK7K
MH*I5OYY-N[;MD[%OZ][-NS?&W+Z#"Q\N'#CQX\B3FS:NO+GSYXJ90Y].O;I3
MZ=:S:]_>$SOW[^##_K/T+KZ\^?,;R:-?S[[]W??NX\N?_T\]_?OXK=OO;77Q
MU-1:&=0?0E<]-.!E&E'E4(`+*2C4@0(Z"%I6#!4XH80#04@2AHU5)1B']5&8
MW'ZZ,1AB8%M=:&&&)A(H(H#I_==0BG?)^%.+`'JHXHHNZIBCCR<".1*(+&(5
MH9`T'D?B;28ZF&220;[8H9$YQBA;D5(JA:.3-D;)HW^A*8BAF%T.6>:.2,HX
M)I3%P4><CSIR&5N7<*YY)I9XGFCE@F42:52==*H9J&-^ZGEDD54FNN&=0>:9
MJ)U@(K=D;1S*J>B1A`XF9*-31OKEIC]>B&BGHNI)9J9G:ACII:K6B*J*_H9>
M&NNAM!HJ8:%1BKJIAWY6.BA>D);ZIIO#@?HHH[.26BN881XH)96V(NLKB@7>
MRB.TM5K;:H]7?MJGM!!JJVBAT+:(HZ,?IOFJDL06JZJ<*^*:[*A3@C@MJX)2
M"RRR7@X(I+C1:LHHP`#/N&VNS&*+IHT$,SPP8_"&>BRXQB*\<,6[36K;B_`Z
MR^^\LB9<\*R69HCEQT]^JR]H])(K,+T39?EEOR[KN_+$,+N*[\TA7RPRIC,'
MIS&3'MM<=(,/=WLTS"4#+9NY*O=,,VJGGGQENG;&:33&M#8L\-/^#KISA>%:
MF&_00K>KG-8\+ZOLJ@;G*VS`W.)J=]0@3YTN_LEH\WGVCW)7U/3@%(<-<>!2
MURNQV1\7J[9O]]+-K7_H2NQVTWRWK2N_=Z_;:^,3AEBWWZMJB[E$A//\>>#!
M!GLYXHQ?G;9@DIJ.\]Z._EOSUVVW3N>H->M<ZI@Y(]VYW[SO_#5$7@/O<+/+
M9SZVXHO_6OS:CT/.X.DBZ\YF]Z=C7C+WU^?</*>=BWU[W89OG;CBD,9/<?6'
M1U\QC6R3/V+V_'&,./O34IC33,<[[P&J?,<3%K8$Z+9^E0]P!J20O`:XL`H"
M\'\$O-^SN)(W2?%/>Y&;H,6<9J!=!7!R+4N:\,QG+Z[UK&Q*(U*\WC>ZA`'-
M>"MS7:/DU:H9=I!=_K3+CQ"'6)VA$?&(2)R-$9/(Q":*9HE.C*(4(P/%*5KQ
MBG^I(A:WR,7K?+"+8`SC4[0HQC*:<2=D/*,:UQB3-++QC7#$S1?C2,<ZJL2-
M6SQ87_YS+AS*SB0B[)$=$S3'-^J1+WSL(_MH$LBW#5)PA63C(?5R-@8Z4B:-
M;.`C41=)-5;M-)H+9"9Q`SI!;M(B>+SB)W>TN?I]!H:<8B6F;DBY9$70:K*L
MD@E;F,!36897OZK?`PW9R3.N$H(%K&36,KC,8#I3F/-B)@2MELQFNC)X>J/F
M\PY(PS6FTHK/2Z'-2A?.B:D.FI(K6#F'5T[710Q][5PG.?]FSG&%<Y1B_ORF
M%-49SW6M#VYY$Y\X652\U$U/<O]4H`JEQ]"135*2Q2PC/ZD4.7/B35:QN^#+
M0M8QMEVL=\H$'_2FY[L%NA"B0=QDDT14T5B52WTTD]KVT.D\BCX3@]MDYD)+
MRDZ%X5.B$0TC!P-ZT6AZM*8W6YV+YI90IBV4HT<E&TBG^KZ'>C.H8!RJ4N>V
M59[^,WH18NK(N/I4HFH.=UYM:BY5BM4NAG!\J8)=/\\YSML=]::V0R@\J>I2
M>G85IN^,ZC$'J<\FRE"98-6F!;/)6).&3:2HXB8UG5K-Q78-L/Y;V@]12B"5
MWHF`3*T<X%H96>714G0^JQ=-1TO9M;+6E#H$_N8U%?I'H*;TE(PL)6[Q4]C=
M_D:WOIU/;X,K..`2USW#/2[JC*O<]22WN=`UXW.C2UVWMK6ZV.5L8[++W>-.
MM[O@1>)WPTO>_(RWO.B5SWG3RU[G7K>]\!WB>N-+7^[,M[[X+>)[\\M?]-RW
MOP#VX&T#3&#>[K?`"-;O@!/,8/<NN,$0%L]_(TSAY1RXPACFS80SS.',;+C#
M(*;BA4-,8@L_N,0HYL^(4\QB#Z^XQ3`6\8EC3./5?+C&.$[*C7/,8Z+LN,=`
MOM&+@TSDIORXR$BVR9&3S.0V#EF.38ZR9YY<$E!1#:`-_*F4X[ODB``K-;4,
MJ\G`O%TRF[FV6Z9O_I<-1&:(U6>[FD(0R^9,J#1#>,T+,O.8?WEF.8]YSWZV
M<X'Q/",]!_K-B$ZTH16-Z#H+.L&$CMN`XVQH/M/YT(_N;Z1))Z`Y]]G3?VXS
MIE6K`':8^M2H3K6J5\WJ5KOZU;".M:QG3>M:V_K6N,ZUKG?-ZU[[^M?`!G91
M-EUH1B?:T8RV-*!!;:`#./O9T(ZVM*=-[6I;^]K8SK:VM\WM;GO[V^`.M[C'
M3>YRF_O<Z#XW.X9-Y2HONIHH.K2CD<V\=-O[WOC.M[[WS>]^^_O?`/_VNGW<
M[I#$V]A7KG2G+\WL!07\X1"/N,0G3O&*6QS=`Q\*L=_SY867^=,>=_.B_AU^
M\9*;_.0H3[G*5P[MC#^HX"+IU:3[%%HMUX?E.,^YSG?.\YY+V^6P@7G,CZ(`
MGQO]Z$A/NM(QSNX9OVGI4(^ZU*>.=*`#9>.4I+K6M\[UKD/<ZD)V>K&\3O:R
MF_WLW@:[3[">EZ*C_>UPCSO9U=X=H6_&[7+/N][W[G.Z\X3M4<$[WP=/^,)7
MW.]HM+MF!&_XQCO^\?=&O$X`#Q7&0_[RF,^\MB6?$\J/4?.@#[WHG\UYP"C>
MPZ-/O>H=7_K*G!XSEE^][&=_]M8K^?64B3WM=\_[J=N^)IZ_3N^'3_RH_YZ1
MN)^,[HO/_.:K_/@S";Z1G4_]ZJ<<^IA,OF26_F_][GN_W]AWLMB+\_WRFQ_\
M3>\L=+A__O:[/^WI_WC0__3^^MM?X/'W^-5E.,O0UIRY&7)_`CB`UA9^,"%]
M8'9P!.5I(F=L('=L%,%^!#B![6>`+X&`!^=F#2AJ#3=OH]8@%!B"`VB!+H&!
M[S9RRQ9J"I=L,2."+EA_)"@5VC=E#HB"'*B"+)B#7O:"/'A^,3@>,^@9TI)2
M]+:"14AR/9B$UO>#*X&`UY-P.JB""FB#D%475GB%6)B%6KB%7-B%7I@63'A'
M0?@;)RA_1^B!#3<C2KB&U!>&*>&$-XB#48AP"'*$:DAQ_9"'>LB&?%AU^?>!
MIM=H^E>&.(B&<E@A_A6GAWO8AXS(<VZ($D[X9:\T:I06<@P8@8FHB/W0B)R8
M<X\(9>H'&P-C697R?V@&&N>FB9NH;:K8B:[X?'^8AG5'?^;6BM.FBKBHB*^X
MBX<7BX>H)*FHB0>`B[<HC,^FB]%FB[RXC.;VB8`TAM$1C,98BXNHC,QXC>'F
MC.XV?D(CC8MX;[FX;=:(C6RX#]6FC1L"C8DA@>(XC?B6BZMH;>-(CDFX#^9(
M;>@X).J(&.S(B@"GC/"XBO.(;?=(C^UGCP49;?DX=-P(.;48<`,I;>'(;?9H
MD`>)D/CHBU0X=N06CSD7D=6&D1:Y>@D9D@AYDA7Y<QI9@\#8D3Q'C-IV_I(C
MJ7HI&6THF9`W.6T+:7#[>!HNJ70>:6TH.9.CAY%#:9)'V7(K>8I,,FY!B71Y
M>&TY.7PEV8=)66X["1)PJ&/B]I1`*91367A5F6TUV8A726Y9^1%;B13]>(M;
M%Y72-I9EJ7=S&9-UN89AB95+.1UMF8Q>YY%W^6QC"7<B.6TWF9=\>)CJMI?K
M]VU>276K.)@VN7>'B9B"*9-6J6]IZ1%K273>]IA:UP^2&9=TB9ED>98]&)B+
M27`-R1_=!II:9XZP.9EQ9YE(:9JIB7ZL&8K.T9>S.74%"9<$69NV.9Q*.)I,
MMYOR=W6>Z8]G5Y4P29IOAYS;1IWW9YW-R)BB_OA96<8Y<<64J>&<9C>8((F=
M4&>>QOF"Z(F6VBED4XA:?]:`81)JE;B#V?:;42>9('D`ZWET_2F5O?>?0AEP
MF]D1)BB()K.!"%J(=0B(@G&?VD8`$HITH[F?_"F@.X>AU*:AA*>:W\:A^*><
M@_AW9:B@[ZEL<<B2=R&1>;@/WSAM$AJCST8`/N>AP^B.(=EU(&J8NU>8X[:C
M\">B#GI[+&FB*\AL)]J"R2B:+AJ4,2JC,-ISUFFA@NEL0&IQ5RJ=).FCX9:E
MW%:@'!&)0RB%1TJF<XB$Q\BD+OJD-!JA.'>/`HJ?%^JE$D>GT&:GXZF8WF:C
MFMF>^S>)9GJ&#2J+_@-D%6KJHF9!`%_(%?:H`/MP%OWP%0BYJ&KQJ'1AJ92:
MJ9**DE0QJ9*ZJ&":'CT9,X28@X+*<+^XHLF(FMS6IBC'I8Y)D*PZH"6'IW>Z
MI6<)JU:ZJQ07JH34FL!7JH98J@NZD002E\69;:YJ<K@9;K,YE'IJF+:ZI_XV
MK5N'G:99D=:Z>7Y*HL6J9\-*AZAJK(V!K,F*;<MZ<;/ZFK<9F'JJJP^WK55:
ME!^ZK@3:K23:<8%6G_5YB?&)B609;NE*<>?*;8\9K5+9K!`GK[<:>AJJL!'G
MJQD!AS*'9;9DBH)3G0(ZL'5:L.*(;H?*L#D*<"*;=!QJK_\FL60(K,A'_HO5
M^6T<6Z?O>&X>JV\E.Z^9][`HZV\J2X.\V1Q]R:O=%K/QJF]R*JL[BV\WV["7
M=[(UNV\]BTJC6AA!:Z7]2;3_MJU'*X^:N+3\.7%>JW-A"[7X*BE=ZFU8VV_R
MNK74IHI+.[8XVWAPVZ="2JA/=[:M"K;_QK9I2HPW.[=?ZWB`FV]1"TDL6R(_
MBIYI:[/_:+#"*9&!J[;J*K=S5[8M^:-Y6[00>9_X*9K56JN4ZW6%&X%32QA5
MNZ%Q2VV+FVYA:XTOBFV>FV_F.+A,RW>T2[B6>[?E!K'1MKH1NKBM*XRO*XYT
MVJ)-VH[(:&^W*[-E-[JD>KA-B6[P"FV^:VT3_GH`U\NC$1>=>`NR:GJT5-J]
M>7>[X;MMSLM)T+LQTCN]U"NP`YN]M0N1."J^Y7:HX#N_TDN7)E>^W%JWJ<J1
MYI:TU3NC6`NED0MQ_)N>]8N2`=G`C#N^X(B_;2O!X':^7E:Z642S"!NEVP:_
MUR:A<YO`4LFW[6J>(DRMM?F.%`QM\,B*^&O!S(/!?G&Z&YJ3'KJZ'AR3`RRE
M&IRT-YJ\2IO"L+O"+#R-`>ELK<B]?3N\!P##;):^E"*YU5;`.SRO!@R<'7FE
M)$R1T^G"0%QM1WQM$=G`CTMZN0O`^Z::')O#7$R]5?RF7>FE6QR3!WRM=<RU
MR7O$)_R9+WS&Y)>U_F.9KFS<QM(VR/Y)PBT*CC:[O"/;;=J*O!:ZQZ_9Q_Y+
MK@X9<'79IH;\LM;[QBGGHNQJJW.,M!\*R/6*GI+,;P/IQ'D&Q;1!P^16E9M,
MR-8K=:#,N7><;J-<PGQJM8`LF97)NQ/\Q3W'RL7VLVRY=AT;O_1;R^<YC&(<
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ME].`\3L/**YPS=;(I*E9X:E;@:EGH:B92ME48=E<H8=-*ME:@=EM(:&&ZMB<
MC1:CO1:1ZMAS0=C(;+<:EZ(\C:0^C:8LIYI`ZLE]S<&G:=>]NV_P^]?-#&X@
MFL2^#8MK;=BN=]6Q':Y8+:4E.;MC37%$Z[L&_FW;0[W$&IVU9MV1J>R'Q:TE
M'*C<@_C:]5:C<%K7"!UQ:0N\T_UOU[O=NPO8]4O$7*?:RSFD[JEH`EV#^0V>
M66W.,GW7`(?#"2O/U`UN-.K>[UW*2TK,8"S?-BW5:_>=EX.Q`.N?_PW@_5:]
M1'NN!2ZP")[@M&S=CTG&P\UR]#VBK/URW6&R)PVS[%W=YLJ['=Z5#B[%=%R,
MNJC$2%SC5'?B@&C<K]'?'=OB:.MO;VS;,T[C#,[4-X[C2PYY/FZW0.X:0L[4
M$XWA]^;)6EYR;5KB*$RKP\S$F!?EJ3KEK5'E9)?D4ZS4,([72`RZC1SFUWUY
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M=]^.XM%.E#T7LUO<PD4,Q#K>?`MOWY?L\#Q'M%N;[]$\D=UW\2G>C1K__O"#
M/L3)GO!Y)_+_^\<E?^YX_*(>[Y@\WN_=W9@O#_,-GN/\#FX?KGDL']>S^'<Y
MO_$[K^Z=&/2,?2,M55427N%%C^M'W_.<J/2'?H$+NM^A*)]0'_4L!_$UWX=6
M[]T("MX]?:9WZ/52[^14WXACKV.QG=PA+?3AJ?9KOWK37LS^'HAU1CP=./=+
MOQAV?^UX7^P!KW-OKV/?\J]_/]++/?A?7_@P>OAJW=K`KF0,`_A6+=ZN@MJ>
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MWCQ:Z]S5KX_JG7U=Y.`/GH=.GO[]H>G?[^?OTGW_@?YC##3Q\),N-0,3%$H_
M`!MTT"`!`8QPM@(3C,XU!3/DB,$'.W1PPO=`E*U"`R_\QT0-4Z3(0Q9;%$C$
M]6"$C43\3$11Q10Y='''[&3DSD?/:+S/1AR+=$A''I,L#LCX/!22/B*-E-(U
M):L,T4JOG)0RRBF-1!)+,#ECDK@Q.WOR/"Z[/-#",-M<LLHR.3O3O#35_E3@
MSNC\PM.B.__J\Z,OW11T.27CE'-+^Q"]"+`_,72TO$=/7'/#02N%S5#C6IQS
MO#H1E?13Z8S2$](#1\W,4E3%Q%1,%S>EKE,O(RUU4E!I7;0HCP)-=5>KOF)Q
M5<9<G0[6(F^%5%1<DYUUH1N/Y/79Q'S]<$=AGR.VV$;71)994ATUE5)HPS5,
M/O:`#=;3H]0LJE&DMJ6UUD^_E0A/>NNU]UY\\]5W7W[[]?=?@`,6>&"""S;8
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M?P-\$=W.YC_T`#"`_L$A(`$%Q#]Q(;`O"ER@]1HX0.]`T&,2-$O]*B@6_%VP
M<LII'7\X.!8/?I`P(L0@3TIH0M.MS$ZI8V'^'*/!H)T0A!34$+W6%;:Q,6ML
M>P)4#5OX/LOIL"DI');.0-4NCCV16S\#FA%M2!`<3DV)J&E:EXSE,R?^S%0\
MZY@5KYA%JFUQ*4RD&!6GR+,Q?JV*9G3?"UFD1J6P$6EN7-:[XCA%J=%1D&C#
M8U+TB+0@:DN.?XSBO`;YR`/&4(Y>3&34X-4SE:DE8IOD9"<]^4E0AE*4HR1E
M*1562*(<LHV7A"(@;97)0$)2EAN4I"O5!<:,,2I99'3*+'U)RY*=[I;>_K(E
M)K^&RUS]4IGRJV4C<<2T5NZL:=$LVU^6>4U4H3(_/(1;MNXE1'D1$9P+PF8Y
MN==,/@:S1N9DI_'0>4D5`J^=\RR=.B<93]G14Y^M>F<U\=F7?0:T0]I<$#?_
MV4&!)A1`!`6400\*0H5&]#T,S95#'[I"B68T.Q3M#8(NRD"-AK0X'-V013]J
M2)&FM#8D=9E)3YH?E<9T1OU\J05E>E.;/=.E-4TF3GV*-YKRU'L_)2I=6`J2
MG0K5945EJEN.6A^/*O5^3:6J5IZJEJ1*M8Q5Y2I8@JI5@'95K#^YJE.R"E:+
MC%6MD?DJ6B&Z5KC"I*SS.BO<^A97O+)DKLGS_N>6Q.F:1`*648'M95X-BY*]
M1E68RF.:%-T8-4N"Y+"3#4];4?=%6+[2F+&D;&</D-@NRG!RR"PF(].9&L^F
M5B"@76QK+YM95N[RGHY4K6=9*UIGGNROF]4L+VE;6\K>=K;PO"R[%BG;8A[%
ME,ME;G.=^USH1E>ZGA1N<G/+-\R6%KG7=2U2._K=DH*WI145KW?+BU7RGM>L
MZ0UO>]T[WO>:5Z>*92PQM?O&X=)7OOOE+U3CZ]__KE>]`H9O@`G<7_0.V*5]
MY2YN#YRCNM;(OG#<[FE#BV"ZLK?`&,ZP@O4+X`V#F,,F9;"%+YQ@`W<XQ"+N
M880EW%BG31.0)2;N_H-1O.(;LSC'.E8QCFW\8R#WF,="'O*'=WQD(B/90BZN
MT1##-LX?%E3#139RD*N<9"N?6,DD;NB4MWQE+GOYR]VE\I"8+&&WIEG-:V9S
MC=W<9CC'6<YSIM.9Z7QG/.=9SWS=<Y_]_&=`#YG&@29TH0W-4U4>6M&+9O1H
M[=QH2$=:TDL&\Z0M?6E,M[C2F>9TISW=MD=_6M2C)C66WUQJ5*=:U1P>]*I=
M_>I/)UJHN[T?89=H:RY.KW>T[B"O>]UJE^%ZC<#>$+&]&.J7+DK8J10L_9I-
M/V.#)-H"GG94J^W196\3;-[+MB&[[3E9)UMLM18B>L9=ZVOS*=W=^K9[_MOM
M;F<WF-GOKBB]A[GI.>O)W@_>MWWZ3==_UR?@Y%FW9A-($5\;$IP%!^RVT[<T
MAI<(V1_UYJD7I,M>.]C;#8<VQ_L2S8S+&U#*)EO(^Y3P/`HVXO%"^6OQG6^$
M.SSD,9^YQW=(\X/;_.8B%^_*(=M!J/U/YT`?.OC"?5`BUHOG\S)N?H,=V6G[
M>N`(SU.U:<TN8U]=5-%&>=0)Z_56^I`P%2?;RNO\<C4K^VEK;/:34UYRMRN\
MY'Y"#:\'KO9RRUS;?_W3W9^M\?%*G>USAWC1R9MTAT]=04>/IS<'.^QR)SWK
MXY9\'L_M=.A<WKK%SONV`^[XF-_]W%NW?-Y)_K_QT"O>YB=7/831[E9]JSWJ
M="_[X$W?<OZVWH\%?WSMWW[[J3]>Z;]//>Y%?'*B1_Z?C%\@R4.%PJ%?V_F;
M[_(0H:]W$P<>X]@__/8_'_V;6W^)X`__]O')_.8[K?#E7Q?[.S]X(%X__N/'
M?M_AK^_LHW?^=<<__??/__9;OHFK(-83IW2S/\P+-C$"(3"R.,Z+K5M;P`B$
MP`DTO]*C0,C#P`RTP`]"O_33,F:K/_GS+2F+._\CP>I#P>Y+P/`RP?MC0>]R
MP1>DOO7QP``*(MWK.QU$(;SC/M2K/!Y\MM;3P>D;.R%<-R(TO/SHP2%D0B1T
M0J0;P.KANX6S/:@Q_CZG(#N5([Y($3MO`SDOU#97"L.+`T,LY+<J_,(Q/$-_
M2T,UO$+=>YO72[:_8SCQ*[_(RD`:+,&F"T(8C,$^],,][+X\O,!!),2EJT$I
MI!W0<\!<D4'4XSC>@\1(3+R/4\',&#USP\0'E,1+_,/,,[U96T27$T6@HT0I
M,\4=0L54I#DD%$'Z4\55Y,3<:\"48\4NDT6*(T5PP[@G7#T&/!8_U$(CK+`-
M!#E#[*,*1,9*M*]E/$0%-,:+LL'B"L`#?#_IZS_IPT9!],18U+MLM,;K`\8)
M=,6=`\=NM$0ZG,-UA,9F/,?\2R6?`[QBG"!0O#BA<\<EC#=]O$%>M)-&_DQ$
MY;(1K@O(>%0W/AD[S7-$IB/(85M(L$M(RX/(AY3(B7P_AOQ`$*RI(@1"N?NZ
MMW.\(N3#".O('?Q()C+)D21)=CP6L5G)%6Q)EX2R.)PAF=1(5F)#WYC'W?L^
M@2RPP?+)@P2OH.2Z?H2W'\JZHT1*-T2T?S0=,OS&J+3"J22^JK1*G92OJPS!
M+;3'KAQ'WP/+K>3*L(2]IY3#'<S*#$M+Q7.^`CS!AE/+LF!+JY-$B*O+Q+M+
M]WM+`/2\MK3+N>M+OC3+FU3$GUO%H!N_PZ2,Q63,Q'3,+D3,R)3,6MG&QKS%
MQX3,RDR[L^R:PCR2"PG'C7S$SZ0],MO'T<S$_M(,P-/$Q]3L1'I4S=?<Q=6L
MK]DTL&N\30Q[1=WDL=QL33&,3=P$RWL$,K/#KL[T3/6;N=,KQ^:LQ^>$3IR3
M3B5TS2?ZQ>4,QNQTSNFD3A]4*FKL(2T<OC=4/[F,,FT9R\RC)O5<SQEKSRQD
MS_.$,O,4/?G\O/&$SX9\S_FDS^OL3P),3C,+3-XC1SS\R;EDQOLKQ!`D1OYC
MT`954)2$4)8<2J@R0#H+3PO11+%<2HM41ZGTT`]%P!!%4.721:H4T1,UQW.4
M4'E$43;34(FC2;%$O&\DO!:UT1O54:KD42[T4:PD42O$4:D$4KFC.@L]*1EM
M,FZQQ1?U2QC3PXM)_M+4(+D].4`H<E+7?$O1Q!`MW5*][-(IS<@LC$ODTTXO
MI=)I%%`H23TU7:RPVSG6>U-EB5,Y73^\W$PR[;`YW=/*L%,NZM,\!=1`Q5,Y
M6](FP]#>N<1`3)]-;%1^9$!%19Y?@]1\Y,%)/50VU31*U;5.]510]1[96=1/
M%=4,W=3%,[OH)+=\K$G0Y$=79<V<BU6,'$=:K=4V0]14O57R1#=5U4]YI-5>
M?51N`U!-$E9@7<);-3I4A35G?=88;59HG59J'<7:K%9LS=8XTU5M[59O#=!K
M_59Q'=<U#5=R/5=T]4=S35=V;5='6U=WC5=YS9G>G%=[O5>;K%=\W5=^_K4K
M>.U7@`W84BU.@2U8@^6<?SU8A5W87`1.AGU8B+U4X8Q8BJW85IQ8B\U8C36U
MX]Q8C^U7;@V.Z1I9DBU9DSU9E%TN2PO94?U8B.U8\)364'59A859:]77=Z)9
MD%U9F355G:U9GDW8L_O9@[59IQ1:3B%:H)TTEB758B6[E%DXU4A63'6RHDPX
M>_'/OXN<J-2Z8778%ONF4'3:2&O:@?7*&'NS7%+1X-13WGHL&5.DR&D92^+`
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MVLM%W*%@W_8=N2P%30:N7F-"1EN$(R&M7[B]8`Z>7OYE6YBCW29:"+PX811.
M817N"?T#WR0SD0..81F>X7YHX;2EL?P=+@C>81[N81]F7QMVK&H2V[+C48S)
MU/\$8973T;436]@5_KO[?%W!8UK*Q5U2U=+PY5Z'B.&/5&`_S6$/Y>$N3EY'
MO%]V4]Y,HM\.QM\UWMW#=4#M5=(JEMB_G;!$$=R/X.+^*EXX=F#US8@>7C$^
M'F+JQ:\0!F$P/B;IG;'M,JTWYJ4XIDV<M:>_W98LYM](#B<R)N3)=-M!\^$-
MPUX*'=WJ->.PBUZ/0V6?L4!4=BP]Q5X7IF(2MI8`IL)38V"JE52K;5V$9%TD
MU9NNO5X6>\G2`B+CVBT?(F;Z?,FIM.5?[F0R[+J@G61Z55IPY<AIUF+=LF85
MBF0TD[3_M6)N9M:C!><YSKEQWEE9IN;Y2F=U-N=97B5WYE=O?JAPIN-Y<Y[7
M>H[">$:DE/UG@`YH@1[HD\UFO<UGA&[7>TYHAN;;<VYHB#ZTA8YHB@ZTB:YH
MC-ZSB\YHCC[5?NYHD#:TC0YIDDZSD2YIE):JDTYIEM[>!29HF(YIF9YIFJYI
9F[[I4FIIG=YIGNYIG_YIH`YJH4:U@```.S\_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
